New York Forward Loan Fund
The New York Forward Loan Fund (NYFLF) is an economic recovery loan program aimed at supporting New York State small businesses, nonprofits, and small landlords as they reopen during COVID-19. NYFLF targets the state’s small businesses with 50 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits, and small residential landlords that have seen a loss of rental income.
- Loan amount: 100% of average monthly revenues in a three-month period prior to the COVID-19 outbreak, up to $100,000
- Interest rate: fixed at 3%
- Term: 5 years
- For months 1 – 12: interest-only payments
- For months 13-60: interest and principal monthly payments
- No application fees
- No prepayment penalty
The New York Forward Loan Fund is designed to meet the needs of the truly small businesses throughout our communities. You’re eligible for the program if you meet the following requirements:
- You’ve been operating in New York State for at least one year
- You have 50 or fewer full-time equivalent employees
- You have gross revenues of less than $5 million per year
- You’ve suffered a direct economic hardship as a result of COVID-19-related shutdowns
- You must not have received a U.S. Small Business Administration Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 greater than $150,000.
Businesses can start an application online and get matched with a CDFI.
If you have any questions please contact Natalie Vichnevsky.